Reddit (RDDT) official guidance

If this rate of decline continues, current trends would suggest that total DAUq could fall in Q4 by a low double-digit percentage from our current base of 130 million DAUq.

Adjusted EBITDA in the range of $480 million to $510 million, representing 47% to 56% year-over-year growth, and an adjusted EBITDA margin of approximately 49% at the midpoint.

Adjusted EBITDA in the range of $480 million to $510 million, representing 47% to 56% year-over-year growth, and an adjusted EBITDA margin of approximately 49% at the midpoint.

In the fourth quarter of 2026, we estimate revenue in the range of $1 billion to $1.03 billion, representing 38% to 42% year-over-year growth with a midpoint of approximately 40%.

We also expect our full year dilution to be at the lower end of our 1%-3% targeted range.

Adjusted EBITDA in the range of $385 million-$395 million, representing 63%-67% year-over-year growth, and an adjusted EBITDA margin of 45% at the midpoint.

Adjusted EBITDA in the range of $385 million-$395 million, representing 63%-67% year-over-year growth, and an adjusted EBITDA margin of 45% at the midpoint.

In the third quarter of 2026, we estimate revenue in the range of $860 million-$870 million, representing 47%-49% year-over-year revenue growth, with a midpoint of about 48%.

In Q3, we do expect SBC and related taxes to elevate to between $140 million-$155 million as prior grants at lower share prices vest and were refurbished with grants at higher share prices.

We are lowering our full year expense guide for SBC from the high teens as a percentage of revenue to the low to the mid-teens as a percentage of revenue.

The Q2 guide assumes a total adjusted cost basis of $430 million, which implies a growth rate of approximately 29% year-over-year, which is lower than prior quarters as we begin to lap our investments in sales and marketing, which started in Q2 of 2025.

Moving to adjusted EBITDA, we expect Q2 adjusted EBITDA to be in the range of $285 million-$295 million, representing approximately 71%-77% year-over-year growth and an adjusted EBITDA margin of 40% at the midpoint.

Moving to adjusted EBITDA, we expect Q2 adjusted EBITDA to be in the range of $285 million-$295 million, representing approximately 71%-77% year-over-year growth and an adjusted EBITDA margin of 40% at the midpoint.

In the second quarter of 2026, we estimate revenue in the range of $715 million-$725 million, representing 43%-45% year-over-year revenue growth with a midpoint of about 4.4.

That said, for the quarter, we expect to see good cost leverage on SBC expenses, with our internal estimates showing that year-over-year, stock-based comp expense could grow about half the rate of revenue for the quarter.

We anticipate our Q2 stock-based compensation-related tax expense to be sequentially higher than Q1, driven by increased hiring and the timing of our annual stock refresh grant, which happens mid-second quarter.

The Q1 guide implies a total adjusted cost base of $385 million, which would be down sequentially to Q4 expenses.

Adjusted EBITDA in the range of $210 million-$220 million, representing approximately 82%-91% year-over-year growth, and an adjusted EBITDA margin of 36% at the midpoint.

Adjusted EBITDA in the range of $210 million-$220 million, representing approximately 82%-91% year-over-year growth, and an adjusted EBITDA margin of 36% at the midpoint.

In the first quarter of 2026, we estimate revenue in the range of $595 million-$605 million, representing 52%-54% year-over-year revenue growth, with a midpoint of about 53%.